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Credit card bill passed in US

Credit card holders in the US are to be supported by a new bill passed by the US House of Representatives yesterday.

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1 May 2009

Credit card bill passed in US”

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The legislation imposes limits on card interest rates and fees and is supported by president Barack Obama.

As part of the reform, treasury secretary Timothy Geithner announced that card forms and statements in the US will have to be written in plain-language terms.

American Bankers Association (ABA) president and CEO Edward Yingling said: "It is vitally important to maintain access to credit at this difficult economic time. This is especially true for credit cards, which serve as a driver of economic activity and are relied on by consumers and small businesses as way to bridge short-term financial gaps."

The ABA also stressed the importance of striking a balance between ensuring credit remains available to consumers and small businesses and improving the protection of card holders.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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